Ghana Tax Data Cards. February 2016
|
|
- Arleen Glenn
- 1 years ago
- Views:
Transcription
1 Tax Data Cards February
2 Contents Tax Data Cards A. Corporate Tax Rates B. Location Incentives C. Free Zone Enterprise D. Gains on Realisation of Assets or Liabilities and Gifts Received E. Unrelieved Losses from Business or Investment F. Temporary Tax Concessions G. Capital Allowances H. Additional Deduction for Companies that Employ Fresh Graduates I. Withholding Tax Rates (Residents) J. Withholding Tax Rates (Non-Residents) K. Individual Income Tax Rates L. Personal Reliefs M. N. O. P. Q. R. S. T. U. V. Mortgage Deduction Benefits-in-Kind Double Tax Treaties Value Added Tax National Health Insurance Levy Overtime Bonus Tax Calendar Royalties Special Taxes
3 s 1 A Corporate Tax Rates General 25% Hotel Industry 22% Non-Traditional Exports 8% Financial Institutions in respect of income from financing farming enterprises 20% Financial Institutions in respect of income from financing leasing companies 20% Petroleum Operations 35% Mineral and Mining Operations 35% Trust 25%
4 s 2 B Location Incentives (Restricted to Manufacturing Companies not Involved in Export of Non-Traditional Goods and Free Zone Enterprise Operations) Regional capitals other than Accra and Tema Elsewhere other than Regional Capitals 25% Tax Rebate 50% Tax Rebate C Free Zone Enterprise Free Zone Enterprises enjoy a tax holiday for the first ten years starting from date of commencement of operation (After Tax Holiday) Income from sales to Foreign Market (Export) Income from sales to the Local Market RATE 15% 25% 2015 KPMG, a ian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative.
5 s 3 D Gains on Realisation of Assets or Liabilities and Gifts Received Any gains on realization of assets or liabilities as well as gifts received in relation to a business, employment or investment are taxed in accordance with the source of income Individual may opt for 15% tax rate on the gain realised from the assets and liabilities Unrelieved Losses from Business or Investment Specified priority sectors can utilize unrelieved losses for any of the previous five years of assessment All other sectors can utilize unrelieved losses for any of the previous three years of assessment Unrelieved losses made on the completion of long-term contracts can be carried back against profits reported in prior years NOTE (a) The tax authorities are yet to come out with the list of companies in priority sectors. (b) Unrelieved losses means the amount of a loss that has not been deducted in calculating the income of a person.
6 s 4 F Temporary Tax Concessions The following enjoy tax concessionary rate of 1% on their chargeable income Certified companies that construct low cost residential premises for sale or letting - First five years Farming Enterprise conducted by an individual: Tree Crop - First ten years from 1st harvest Livestock (other than cattle and fish) and Cash Crops - First five years from commencement Cattle - First ten years from commencement Agro-Processing Business Company producing cocoa By-Products from cocoa waste Processing of Waste for agricultural or commercial purpose Rural Banking Approved Unit Trust Scheme and Mutual Fund Venture Capital Financing Company - First five years from commercial production - First five years from commencement of commercial production - First seven years from commencement of the business - First ten years from establishment of business - First ten years from commencement of operations - First ten years after Company first qualifies
7 s Tax Data Cards G. 5 G Capital Allowances Class Qualifying Assets Depreciation Rate 1 40% 2 30% 3 20% NOTE 4 5 (a) (b) (d) Classes 1, 2 and 3 qualifying assets are depreciated on a reducing balance basis. Classes 4 and 5 qualifying assets are depreciated on straight line basis. The cost of a road vehicle other than a commercial vehicle shall not exceed GH 75, Capital allowances are required to be utilized in the year in which they are granted. 10% 1 divided by the useful life of the asset in the pool
8 s Tax Data Cards 6 H Additional Deduction for Companies that Employ Fresh Graduates During the Year Percentage of Fresh Graduates in Workforce Percentage of Salaries / Wages - of Such Employees deductible from profits Up to 1% 10% Above 1% but not more than 5% Above 5% 30% 50%
9 s s 7 I Withholding Tax Rates and Status Payments to Residents (a) General Rate Status (i) Dividend, including capitalization of profits 8% Final (ii) (iii) Dividend paid to persons from petroleum operations Dividend paid to persons from mineral operations 8% Final 8% Final (iv) Interest 8% On Account (v) Lottery winning exceeding GH 2,592 5% Final (vi) Royalties and natural resource payment 15% On Account (vii) Rent on properties (Payment to an individual) Business income Residential Non-Residential 8% On Account 15% On Account
10 s s 8 I Withholding Tax Rates and Status (Continued) Payments to Residents (a) General Rate Status (vii) Rent on properties (Payment to an individual) Non-Business income Residential Non-Residential 8% Final 15% Final (viii) Rent on properties (Payment to persons other than an individual) Business income Residential Non-Residential Non-Business income Residential Non-Residential 8% 15% 8% Final 15% Final On Account On Account (ix) Tax on petroleum subcontractors 15% On Account
11 s 9 I Withholding Tax Rates and Status (Continued) Payments to Residents (a) General Rate Status (x) Payments made to a person who conducts a relevant transport business other than as a result of transhipment 15% On Account (xi) Payments for rental of containers and related equipment which are supplementary or incidental to the relevant transport business above 15% On Account (xii) Payments for unprocessed precious minerals located or won in 3% On Account (xiii) Payments due to persons who conduct business of transmitting or receiving messages by cable, radio, optical fiber or satellite or electronic communication 15% On Account
12 s 10 I Withholding Tax Rates and Status (Continued) Payments to Residents (a) General Rate Status (xiv) Commission paid to an individual as a sales agent 10% On Account (xv) Service fees paid to an individual for examining, invigilating or supervising an examination, or part time teaching or lecturing 10% Final (xvi) (xvii) Fees or allowances, to a resident director, manager trustee or board member of a company or trust Commission paid to an individual as a resident insurance, sales or canvassing agent 20% On Account 10% On Account (xviii) Endorsement fees to an individual 10% Final (xix) Any other service provided by an individual 15% On Account
13 s 11 I Withholding Tax Rates and Status (Continued) Payments to Residents (a) General Rate Status (xx) Commission to an individual as a resident lotto receiver or agent 10% On Account (xxi) Contract payments for the supply or use of goods 3% On Account (xxii) (xxiii) Contract payments for the supply of works Contract payments for the supply of services ( Refer to items (xix) and (ix) for rates applicable to individuals and petroleum subcontractors) 5% On Account 7.5% On Account
14 s 12 I Withholding Tax Rates and Status (Continued) Payments to Residents (b) Payments to Residents Exempt from Withholding Tax Exemption of withholding tax on payments to residents apply to the following: (i) Dividend - - a Company receiving dividend, that controls, directly or indirectly, 25% or more of the voting power in the Company paying the dividend (this does not apply to petroleum, minerals and mining operations) dividend or interest paid or credited to a holder or member of an investment in an approved unit trust scheme or mutual fund The exemption does not apply to: dividend paid to petroleum and mining operations dividend paid to a Company by virtue of its ownership of redeemable preference shares in the Company paying the dividend dividend arising out of adjustments carried out to comply with the arm's length standard and income splitting
15 s 13 I Withholding Tax Rates and Status (Continued) Payments to Residents (b) Payments to Residents Exempt from Withholding Tax Exemption of withholding tax on payments to resident apply to the following: (ii) (iii) Interest The withholding tax on interest paid by a resident person to another resident person does not apply to: interest paid to a resident financial institution interest paid to an individual by a resident financial institution or on bonds issued by Government of payments made by an individual, unless made in conducting a business payments that are exempt amounts Contract Payments Withholding tax on contract payments does not apply: to payments under a contract not exceeding two thousand cedis - (GH 2,000.00) to payments under a contract for the sale of goods which constitute trading stock of both the vendor and the purchaser to premium paid to registered resident insurance companies where the Commissioner-General grants an exemption
16 s Tax Data Cards Payments to Residents Exempt from withholding tax (Continued) 14 I Withholding Tax Rates and Status (Continued) Payments to Residents (b) Payments to Residents Exempt from Withholding Tax (iv) Payments - for unprocessed precious minerals The - withholding tax on unprocessed precious minerals does not apply to: - a payment made by an individual, unless the payment is made in the course of conducting a business - a payment made by the holder of a small scale mining licence to a labourer with respect to winnings from the area covered by the licence - a payment received by a holder of a large scale mining lease (v) Lottery winnings The payment of lottery winning not exceeding two thousand five hundred and ninety two cedis (GH 2,592.00) is exempted from withholding tax.
17 s Tax Data Cards 15 J Withholding Tax Rates and Status (Continued) Payments to Non-Residents (a) General Rate Status (i) Interest 8% Final (ii) Dividend 8% Final (iii) Lottery winnings exceeding (GH 2,592) 5% Final (iv) Royalties and Natural Resource Payment 15% Final (v) Rent on properties - Residential - Non-Residential 8% 15% Final Final (vi) Management and technical service fees 20% Final (vii) Contract payments for the supply of any services 20% Final
18 s 16 J Withholding Tax Rates and Status (Continued) Payments to Non-Residents (a) General Rate Status (viii) An insurance premium with a source in 5% Final (ix) Service fee with a source in 20% Final (x) Tax on petroleum subcontractors 15% Final (xi) Payments for unprocessed precious minerals located or won in 3% Final (xii) Payments received by a person who conducts a relevant transport business other than as a result of transshipment 15% Final
19 s Tax Data Cards 17 J Withholding Tax Rates and Status (Continued) Payments to Non-Residents (a) General Rate Status (xiii) Rental of containers and related equipment which are supplementary or incidental to the relevant transport business above 15% Final (xiv) Payments received by a person who conducts a business of transmitting or receiving messages by cable, radio, optical fiber or satellite or electronic communication 15% Final NOTE (a) For items (viii) and (ix) above, the Commissioner-General should be notified within thirty days and may direct that the withholding tax rate be applied on part or the whole of the amount. (b) With the exception of Items (iii), (iv) and (xii), all other payments listed above made to a non-resident with a ian Permanent Establishment are considered as tax payment on account.
20 s Tax Data Cards 18 K Individual Income Tax Rates - Residents First Next Next Next Exceeding Chargeable Income(GH ) 2,592 1,296 1,812 33,180 38,880 Rate Nil (Free) 5% 10% 17.5% 25% (a) The tax rate for non-residents is 20%. (b) The chargeable income of an individual includes gains from the realization of investment. An individual may elect for the gains on investment to be taxed at 15% after deducting associated losses.
21 s s 19 L Personal Reliefs i. Dependent spouse or at least two (2) children - Gh 200 ii. iii. iv. Old Age GH 200 for an individual who is sixty (60) years or more Children's Education GH 200 per child or ward in any recognised registered educational institution in, up to a maximum of three (3) children Disability Relief - 25% of the assessable income of an individual who has a disability v. Aged Dependants - GH 100 in the case of an individual with a dependant relative, other than a child or spouse, who is 60 years or more (up to a maximum of two (2) dependants) vi. Training and Development relief Relief equivalent to the cost of training and not more than GH 400 for training to update the professional, technical, or vocational skills or knowledge of that person
22 s Tax Data Cards 20 M Mortgage Deduction Mortgage interest incurred during the year in respect of only one residential premises during the lifetime of the individual is allowed as a deduction in arriving at the individuals chargeable income.
23 s Tax Data Cards 21 N Benefits-in-Kind 1. Motor Vehicle Benefits Driver and vehicle with fuel 12.5% of total cash emoluments up to a maximum of GH 600 per month 10% of total cash emoluments up to a maximum of GH 500 per month Vehicle only 5% of total cash emoluments up to a maximum of GH 250 per month 2. Accommodation Benefits 5% of total cash emoluments up to a maximum of GH 250 per month Accommodation with furnishing Accommodation only Furnishing only Shared Accommodation 10% of total cash emoluments 7.5% of total cash emoluments 2.5% of total cash emoluments 2.5% of total cash emoluments
24 s 22 N Benefits in Kind (Continued) 3. Loan Benefits Conditions i) The loan should be from the employer to the employee. ii) The loan should have a tenure not exceeding 12 months. iii) Aggregate amount of the loan and any similar loans outstanding at any time during the previous twelve (12) months should not exceed the employees three (3) months basic salary. Tax Treatment - No benefit will be assessed on the employee as employment income where the conditions above are satisfied - In any other case interest benefit is computed for the year as: a quarter of the interest imputed at the Bank of rediscount rate (BOGR) minus interest paid by the employee during the year (i.e. ¼ x (Interest imputed BOGR Interest paid during the year)
25 s Tax Data Cards 23 O Double Tax Treaties Country Dividends Interests Royalties Management and Technical fees United Kingdom 7.5^ / 15^^ France 5* / 7.5** / 15^^ 10* / 12.5** 10* / 12.5** 10 The Netherlands 5^ / 10^^ Germany 5^ / 15^^ Italy 5^ / 15^^ South Africa 5^ / 15^^ 5# / 10^^ Belgium 5^ / 15^^ Swiss Confederation 5^ / 15^^ Denmark 5^/ 5 /5 15^^ 8 8 8
26 s Tax Data Cards 24 O * ** ^ ^^ # Double Tax Treaties (Continued) If the company paying the amount is a resident of France If the company paying the amount is a resident of If the beneficial owner is a company which holds directly at least 10% of the capital of the company paying the dividend In all other cases If the interest is derived by a Bank which is a resident of the other contracting state If the beneficial owner is the other contracting state or the central bank of the other state or any national agency or any agency (including a financial institution) owned or controlled by the government of that other state. If the beneficial owner is a pension fund or other similar institution providing pension or other similar institutions where it is established and recognised for tax purposes in accordance with the law of that other state. By virtue of Act 896 and the Non-Discrimination clause under the Double Taxation Treaties, where the tax rates above exceed the domestic tax rate under Payments to Non-Residents the domestic tax rate applies.
27 s Tax Data Cards 25 P Value Added Tax (VAT) Taxable Supplies - Standard Rate 15% Taxable Supplies - Exports 0% The VAT Act also provides for Exempt Supplies and Relief Supplies. Q National Health Insurance Levy (NHIL) Taxable Supplies - Standard Rate 2.5% Taxable Supplies - Exports 0%
28 s 26 R Overtime Qualifying Annual Employment - Income Limit of Benefit GH 9,600 50% of Qualifying Income Up to More Than Monthly Overtime (GH ) 50% of basic salary 50% of basic salary Rate 5% of the overtime that qualifies 10% of the overtime that qualifies S Annual Bonus Annual Bonus (GH ) Rate Up to 15% of annual basic salary 5%of the bonus that qualifies More than 15% of annual basic salary (add excess payments to employment income)
29 s Tax Data Cards 27 T Tax Calendar 1. Corporate Taxes Instalment Tax Payment 1st Instalment (25%) 2nd Instalment (25%) 3rd Instalment (25%) 4th Instalment (25%) Top-up 2. Others Description Withholding Taxes: Payment to Resident and Non-Resident Value Added Tax National Health Insurance Levy Due Date By end of 3rd month of accounting year By end of 6th month of accounting year By end of 9th month of accounting year By last working day of accounting year By fourth (4th) month following end of accounting year Due Date By 15th of the month following month in which deductions occurred By end of the following month By end of the following month Fuel network only of independent member firms affiliated with KPMG International Cooperative (KPMG
30 s 28 U Royalties Mining - 5% of Total Revenue V Special Taxes Instalment National Fiscal Tax Stabilization Payment Levy (On Selected Enterprises) Due Date - 5% of Profit before Tax
31 In
Ghana Fiscal Guide 2013/14 kpmg.com
TAX Ghana Fiscal Guide 2013/14 kpmg.com 1 Ghana Fiscal Guide 2013/2014 INTRODUCTION Ghana Fiscal Guide 2013/2014 Ghana Fiscal Guide 2013/2014 2 Income tax Business income Generally, residents are taxable
SOLUTION: ADVANCED TAX MAY, 2014. Chargeable assets under section 97 of Internal Revenue Act is as follows;
SOLUTION 1 (a) (i) Chargeable assets under section 97 of Internal Revenue Act is as follows; - Building of a permanent or temporary nature situated in Ghana - Business and business assets, including goodwill
International Assignment Services Taxation of International Assignees Country Ghana
www.pwc.com International Assignment Services Taxation of International Assignees Country Ghana Human Resources Services International Assignment Taxation Folio Table of Contents Introduction International
Thinking Beyond Borders
INTERNATIONAL EXECUTIVE SERVICES Thinking Beyond Borders Tanzania kpmg.com Tanzania Introduction Taxation of individuals under the Income Tax Act 2004 (ITA) is on the basis of both residence and source.
TAX PRACTICE GROUP Multi-Jurisdictional Survey TAX DESK BOOK
TRINIDAD AND TOBAGO Introduction TAX PRACTICE GROUP Multi-Jurisdictional Survey TAX DESK BOOK CONTACT INFORMATION Myrna Robinson-Walters M. Hamel-Smith &Co Eleven Albion, Dere and Albion Streets, Port-of-Spain,Trinidad
(2) The sums referred to in sub-section (1) shall be any sums paid or deposited in the previous year by the assessee
Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. 80C. (1) In computing the total income of an
TAX TAX NEWSLETTER. July 2012. General Information on the Tax Implications of Carrying On Business in Trinidad and Tobago (T&T) Issues Discussed
TAX NEWSLETTER July 2012 Issues Discussed Tax implications of carrying on business in Trinidad and Tobago Corporation tax Business levy Green Fund Levy Withholding tax PAYE National Insurance Value Added
Company Taxation. There is no difference in treatment in determining the profits and income from any source of a company.
Company Taxation There is no difference in treatment in determining the profits and income from any source of a company. 1 Calculation of a tax payable for a company 1. Tax on Income taxable at special
LIST OF APPROVED TAXES AND LEVIES FOR THE THREE TIERS OF GOVERNMENT
TAXATION AND FISCAL REGULATIONS IN NIGERIA INTRODUCTION The Nigerian Tax System has undergone significant changes in recent times. The Tax Laws are being reviewed with the aim of repelling obsolete provisions
Country Tax Guide.
Country Tax Guide www.bakertillyinternational.com Country Tax Guide Germany Corporate Income Taxes Resident companies, defined as companies which are legally constituted in Germany, or which are legally
Paper 7- Direct Taxation
Paper 7- Direct Taxation Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 7- Direct Taxation Full Marks:100 Time allowed: 3 hours
Higher standards...making a difference for you. Withholding Tax
Withholding Tax The Indian Constitution has empowered only the Central Government to levy and collect taxes. Every person whose total income exceeds the maximum exemption limit shall be chargeable to the
FOREWORD. Namibia. Services provided by member firms include:
FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there
CHAPTER 19 WYOMING PROPERTY TAX RELIEF PROGRAM
CHAPTER 19 WYOMING PROPERTY TAX RELIEF PROGRAM Section 1. Authority. These rules are promulgated under the authority of W.S. 16-3-103 and W.S. 39-11-102(b). Section 2. Purpose. These rules are intended
IRISH TAX ASPECTS OF THE ACQUISITION, HOLDING AND DISPOSAL OF IRISH REAL PROPERTY
IRISH TAX ASPECTS OF THE ACQUISITION, HOLDING AND DISPOSAL OF IRISH REAL PROPERTY July 2012 M-10855059-6 IRISH TAX ASPECTS OF THE ACQUISITION, HOLDING AND DISPOSAL OF IRISH PROPERTY FOR FOREIGN INVESTORS
ARTICLE I. the income tax (including sur-tax) and the corporation profits tax (hereinafter referred to as " Irish tax ");
CONVENTION BETWEEN IRELAND AND THE FEDERAL REPUBLIC OF GERMANY FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME AND CAPITAL AND TO THE GEWERBESTEUER
Uganda Fiscal Guide 2012/13 kpmg.com
Tax Uganda Fiscal Guide 2012/13 kpmg.com Introduction: Uganda Fiscal Guide 2012/13 Income tax Basis of taxation Income tax is levied on both companies and individuals under the Income Tax Act, (Cap 340)
n. dowuona & company setting up business in Ghana
n. dowuona & company setting up business in Ghana 1 2 2014 quick facts Region: Sub-Saharan Africa Income group: Lower-middle Population: 25.37 million WBDB* rank: 67 Time Zone: GMT Language: English *
Ministry of Finance & the Public Service Tax Administration Jamaica
Ministry of Finance & the Public Service Tax Administration Jamaica REVISED TECHNICAL NOTE Personal Income Tax Threshold & Rate FY 2016/17 Revenue Measures June 30, 2016 Table of Contents PURPOSE.3 LEGISLATION...
Country Tax Guide. www.bakertillyinternational.com
Country Tax Guide www.bakertillyinternational.com Baker Tilly Russia www.bakertilly.ru Eduard Kutcherov T: +7 (495) 783 88 00 kutcherov@bakertilly.ru Andrey Kirillov T: +7 (495) 783 88 00 a.kirillov@bakertilly.ru
Aegis LAW FIRM JOURNAL DOING BUSINESS IN NIGERIA- A GUIDE PART TWO
Aegis LAW FIRM JOURNAL DOING BUSINESS IN NIGERIA- A GUIDE PART TWO Introduction In the first part of the guide to doing business in Nigeria, we examined the relevant laws that businesses needs to be familiar
Act No. 2 of 2015 BILL
Legal Supplement Part A to the Trinidad and Tobago Gazette, Vol. 54, No. 9, 29th January, 2015 Fifth Session Tenth Parliament Republic of Trinidad and Tobago REPUBLIC OF TRINIDAD AND TOBAGO Act No. 2 of
EMPLOYMENT INCOME INCOME TAX IMPLICATIONS
EMPLOYMENT INCOME INCOME TAX IMPLICATIONS June 2009 Index 1 Background... 1 2 Income tax implications for individuals... 1 2.1 Resident and domiciled individuals... 2 2.2 Resident or domiciled individuals...
UPDATE ON NON-RESIDENT INVESTMENT IN CANADIAN REAL ESTATE
Page 1 of 9 UPDATE ON NON-RESIDENT INVESTMENT IN CANADIAN REAL ESTATE Jack Bernstein Aird & Berlis LLP Toronto, Canada To be submitted for publication in Tax Notes International, 2015 The stable Canadian
Corporation tax ( 329,080 x 26%) 85,561
Answers Professional Level Options Module, Paper P6 (UK) Advanced Taxation (United Kingdom) December 2012 Answers 1 Flame plc group (a) Report to the Group Finance Director of Flame plc (i) Flame plc sale
Setting up your Business in Turkey Issues to consider
Turkey is located as a bridge between two continents and in close proximity to Europe, the Middle East and the Caucasus. The proximity to the Balkans and the rest of Europe as well as to the growing emerging
GOVERNMENT OF FIJI GAZETTE
EXTRAORDINARY 2203 GOVERNMENT OF FIJI GAZETTE PUBLISHED BY AUTHORITY OF THE FIJI GOVERNMENT Vol. 14 FRIDAY, 10th May 2013 No. 48 [565] GOVERNMENT OF FIJI INCOME TAX (AMENDMENT) DECREE 2013 (DECREE NO.
Saudi Arabia Tax Guide
Saudi Arabia Tax Guide I IMPORTANT DISCLAIMER: No person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining
Malawi Article I Article II
Malawi Convention between his majesty in respect of the United Kingdom of Great Britain and Northern Ireland and her majesty the Queen of the Netherlands for the avoidance of double taxation and the prevention
BUDGET TAX GUIDE
2016 BUDGET TAX GUIDE 1 2 This SARS pocket tax guide has been developed to provide a synopsis of the most important tax, duty and levy related information for 2016/17. INCOME TAX: INDIVIDUALS AND TRUSTS
Taxation. General. 1. Taxation UK. Mondi plc Ordinary Shareholders
Taxation The statements set out below are intended only as a general guide to United Kingdom ( UK ) and South Africa ( SA ) current law and practice and apply only to certain categories of person who are
After section 80B of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2006, namely:
Insertion of new section 80C. After section 80B of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2006, namely: 80C. Deduction in respect of life insurance
Income tax for individuals is computed on a monthly basis by applying the above progressive tax rates to employment income.
Worldwide personal tax guide 2013 2014 China Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible State Administration of Taxation
Hong Kong Tax Report. Overview. Basic Facts. Janus Corporate Solutions (+65) February 19, At a glance. Lowest tax rates in Asia
Hong Kong Tax Report Janus Corporate Solutions (+65) 6222-7445 February 19, 2010 At a glance Lowest tax rates in Asia No tax on foreign-sourced income No capital gains tax No sales tax or VAT No dividend
(7) For taxable years beginning after December 31, 2012, every. nonresident estate having for the taxable year any gross income
IC 6-3-4 Chapter 4. Returns and Remittances IC 6-3-4-1 Who must make returns Sec. 1. Returns with respect to taxes imposed by this act shall be made by the following: (1) Every resident individual having
Income in the Netherlands is categorised into boxes. The above table relates to Box 1 income.
Worldwide personal tax guide 2013 2014 The Netherlands Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible Belastingdienst www.belastingdienst.nl
Monaco Corporate Taxation
Introduction Monaco is a sovereign principality. France is a guarantor of the sovereignty and territorial integrity of Monaco, while Monaco is to conform to French interests. Although the Prince is the
INTERNAL REVENUE ACT, 2000 (ACT 592)
INTERNAL REVENUE ACT, 2000 (ACT 592) As amended by: INTERNAL REVENUE (AMENDMENT) ACT, 2002 (ACT 622)1 REVENUE AGENCIES (RETENTION OF PART OF REVENUE) ACT, 2002 (ACT 628)2 INTERNAL REVENUE (AMENDMENT) ACT,
Provinces and territories also impose income taxes on individuals in addition to federal taxes
Worldwide personal tax guide 2013 2014 Canada Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible Canada Revenue Agency (CRA)
Country Tax Guide. www.bakertillyinternational.com
www.bakertillyinternational.com International Tax Contact Moscow Andrey Kirillov T: +7 (495) 783 88 00 a.kirillov@bakertillyrussaudit.ru Corporate Income Taxes Resident companies, defined as those which
Fundamentals Level Skills Module, Paper F6 (CZE)
Answers Fundamentals Level Skills Module, Paper F6 (CZE) Taxation (Czech) Vitrea s. r. o. December 20 Answers and Marking Scheme Marks 20 corporate income tax liability Accounting revenues: Proceeds from
Final Examination Semester 3 / Year 2010
Southern College Kolej Selatan 南方学院 Final Examination Semester 3 / Year 2010 COURSE : TAXATION II COURSE CODE : ACCT 3053 TIME : 2 1/2 HOURS DEPARTMENT : ACCOUNTING AND FINANCE LECTURER : WONG SENG WEE
THE INCOME TAX ACT, CAP.332 PRACTICE NOTE INCOME FROM BUSINESS
ISO 9001:2008 CERTIFIED THE INCOME TAX ACT, CAP.332 PRACTICE NOTE INCOME FROM BUSINESS PRACTICE NOTE NO. 05/2013. DATE OF ISSUE 1 ST NOVEMBER 2013 1 Income From Business Practice Note No. 05. /2013 Date
Receita Federal do Brasil (RFB) www.receita.fazenda.gov.br 1 January to 31 December Last working day of April following end of tax year
Worldwide personal tax guide 2013 2014 Brazil Local Information Tax Authority Receita Federal do Brasil (RFB) Website www.receita.fazenda.gov.br Tax Year 1 January to 31 December Tax Return due date: Last
Japan and the United Kingdom of Great Britain and Northern Ireland,
CONVENTION BETWEEN JAPAN AND THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME AND ON CAPITAL
Setting up your Business in Argentina Issues to consider
Argentina boasts many natural resources, qualified human resources and the synergies deriving from our commercial partnership with countries like Brazil make it an attractive country in which to invest.
Convention Between Canada and the United States of America With Respect to Taxes on Income and on Capital
Convention Between Canada and the United States of America With Respect to Taxes on Income and on Capital Article I Personal Scope... 3 Article II Taxes Covered... 3 Article III General Definitions...
Act 24 Income Tax (Amendment) Act 2010
ACTS SUPPLEMENT No. 9 5th November, 2010. ACTS SUPPLEMENT to The Uganda Gazette No. 66 Volume CIII dated 5th November, 2010. Printed by UPPC, Entebbe, by Order of the Government.v Act 24 Income Tax (Amendment)
BRIEF OVERVIEW OF PENNSYLVANIA PERSONAL INCOME TAX
CHAPTER 6: BRIEF OVERVIEW OF PENNSYLVANIA PERSONAL INCOME TAX TABLE OF CONTENTS I. OVERVIEW 2 II. TAX RATE...3 III. EIGHT CLASSES OF INCOME 3 A. Gross Compensation... 3 B. Interest... 4 C. Dividends...
Fundamentals Level Skills Module, Paper F6 (UK)
Answers Fundamentals Level Skills Module, Paper F6 (UK) Taxation (United Kingdom) June 205 Answers and Marking Scheme Section A A 2 D Output VAT 408 x 20/20 = 68 Input VAT 600 x 20/20 = 00 3 A 6,00 (23,700
Peralta Community College District AP 3600
I. Definitions ADMINISTRATIVE PROCEDURE 3600 AUXILIARY ORGANIZATIONS A. Board of Directors. The term board of directors as used herein means the governing board of an auxiliary organization. B. Board of
Setting up your Business in The Netherlands Issues to consider
The Netherlands, with a historically strong economic financial climate, is traditionally an important gateway to Europe. Situated in the western part of the European continent with its world leading Rotterdam
German Tax Facts. The Expatriate Financial Guide to Germany
The Expatriate Financial Guide to Germany German Tax Facts Introduction Tax Year Assessment Basis Income Tax Taxation in Germany occurs at a national and municipal level. The Ministry of Finance controls
USA Taxation. 3.1 Taxation of funds. Taxation of regulated investment companies: income tax
USA Taxation FUNDS AND FUND MANAGEMENT 2010 3.1 Taxation of funds Taxation of regulated investment companies: income tax Investment companies in the United States (US) are structured either as openend
Introduction. The Expatriate Financial Guide for UK Expatriates Working Overseas
Introduction The Expatriate Financial Guide for UK Expatriates Working Overseas An individual who is considering a move from the UK in order to work overseas will need to take into account a number of
COUNTRY PROFILE HONG KONG
COUNTRY PROFILE HONG KONG 1. Economy and foreign investments 2. Tax Rates 3. Tax Treaties 4. Tax Credits 5. Property Tax 6. Excise Tax 7. Stamp Duty 8. Capital Duty 9. Estate Duty 10. Other duties, fees
TAX GUIDE BELGIUM. Professional advice should be obtained before acting on any information contained herein.
TAX GUIDE BELGIUM DISCLAIMER This document is for guidance only. Professional advice should be obtained before acting on any information contained herein. Last up date : December 2010 1 1. INDIVIDUAL INCOME
31 October (paper filing) 31 January (Electronic Filing)
Worldwide personal tax guide 2013 2014 United Kingdom Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible HM Revenue and Customs (HMRC) www.hmrc.gov.uk 6 April
A pocket guide to Singapore tax 2014 If it counts, it s covered
A pocket guide to Singapore tax 2014 If it counts, it s covered Corporate taxation Corporate income tax ( CIT ) rate Standard rate is 17%. Tax exemption/rebates Singapore also offers a range of tax exemption
Paper F6 (ZWE) Taxation (Zimbabwe) Thursday 9 June 2016. Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Taxation (Zimbabwe) Thursday 9 June 2016 Time allowed Reading and planning: 15 minutes Writing: 3 hours This question paper is divided into two sections: Section A ALL
Individual taxes, summary
Individual taxes, summary Significant developments There have been no significant tax or regulatory developments in the past year. Territoriality and residence Switzerland taxes its residents on their
CHAPTER X: INCOME TAX In the Republic of Panama, it is an essential constitutional principle that no one has to pay any contribution or tax unless it
CHAPTER X: INCOME TAX In the Republic of Panama, it is an essential constitutional principle that no one has to pay any contribution or tax unless it is legally established, and unless its collection is
*Figures provided in question. 1 7
Answers Fundamentals Level Skills Module, Paper F6 (UK) Taxation (United Kingdom) Section B March/June 2016 Sample Answers and Marking Scheme Marks 1 (a) Garfield Value added tax (VAT) return for the quarter
LWK. Chartered Accountants. Individual Tax Return Checklist
LWK Pty. Limited ACN 121 288 373 Chartered Accountants Business Advisers and Consultants Business Advisers an Individual Tax Return Checklist This checklist has been prepared by LWK Pty Limited Chartered
A 5.5% solidarity surcharge is imposed on the income tax liability of all taxpayers.
Worldwide personal tax guide 2013 2014 Germany Local information Tax Authority Website Tax Year Tax Return due date 31 May 2013 Is joint filing possible Are tax return extensions possible 2013 income tax
Tax Card 2013 kpmg.com/al
Tax Card 2013 kpmg.com/al KPMG in Albania CORPORATE INCOME TAXATION Corporate income tax is applied on the accounting profit after adjustments for tax purposes. The tax period commences on 1 January and
Paper F6 (ZWE) Taxation (Zimbabwe) Specimen questions for June 2015. Fundamentals Level Skills Module
Fundamentals Level Skills Module Taxation (Zimbabwe) Specimen questions for June 2015 Time allowed This Reading is and not planning: a full specimen 15 minutes paper, it is a selection of specimen Writing:
UK/NETHERLANDS DOUBLE TAXATION CONVENTION AND PROTOCOL SIGNED 26 SEPTEMBER 2008 Entered into force 25 December 2010
UK/NETHERLANDS DOUBLE TAXATION CONVENTION AND PROTOCOL SIGNED 26 SEPTEMBER 2008 Entered into force 25 December 2010 Effective in the United Kingdom from 1 April 2011 for corporation tax and from 6 April
Fundamentals Level Skills Module, Paper F6 (MYS)
Answers Fundamentals Level Skills Module, Paper F6 (MYS) Taxation (Malaysia) Uni Sdn Bhd June 205 Answers and Marking Scheme Marks Chargeable income for the year of assessment 204 (Basis period to 3 December
The main assets on which CGT can arise are land and buildings, and goodwill.
Introduction The capital gains tax (CGT) legislation favours business assets by providing a number of tax reliefs. The one with the widest scope is entrepreneurs relief, which results in certain disposals
Common Working Theory into Practice
Common Working Theory into Practice European Conference Warsaw, July 2010 Peter Karl Plattner Real property - Italy Real property Italy Acquisition of real property general considerations Acquisition of
TAXATION INTRODUCTION
TAXATION INTRODUCTION India has a complex tax structure and levy ranges from taxes and duties on corporate income, personal income, manufacturing, sale of goods, works contract, rendition of services,
Tax card 2013/2014. Pocket reference guide. kpmg.com/na
Tax card 2013/2014 Pocket reference guide kpmg.com/na Namibian income tax is imposed on all receipts and accruals from a Namibian source or what is deemed Namibian source, other than receipts of a capital
TAX CARD 2015 GREECE. Table of Contents
GREECE TAX CARD TAX CARD 2015 GREECE Table of Contents 1. Individuals 1.1 Personal Income Tax 1.1.1 Employment and Pension Income 1.1.2 Income from Individual Practices and Freelance Professions 1.1.3
Thinking Beyond Borders
INTERNATIONAL EXECUTIVE SERVICES Thinking Beyond Borders Cambodia kpmg.com Cambodia Introduction Residents are taxed on worldwide income while nonresidents are taxed on Cambodian-sourced income only. Cambodia
Singapore personal taxation
Singapore personal taxation The below information is intended as a general guide to Singapore personal taxation for foreign employees and is current as at August 2004. On arrival in Singapore There are
Paper F6 (UK) Taxation (United Kingdom) Tuesday 3 June 2014. Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Taxation (United Kingdom) Tuesday 3 June 2014 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Rates
tes for Guidance Taxes Consolidation Act 1997 Finance Act 2015 Edition - Part 12
Part 12 Principal Provisions Relating to Loss Relief, Treatment of Certain Losses and Capital Allowances, and Group Relief CHAPTER 1 Income tax: loss relief 381 Right to repayment of tax by reference to
OPPORTUNITIES TO REDUCE EFFECTIVE TAX RATE OF GEORGIA PREMIUM TAX
OPPORTUNITIES TO REDUCE EFFECTIVE TAX RATE OF GEORGIA PREMIUM TAX (FORC Journal: Vol. 25 Edition 1 - Spring 2014) Tony Roehl, Esq. (404) 495-8477 The insurance industry views premium taxes as an inevitable
Date of Conclusion: 12 February Entry into Force: 26 December Effective Date: 1 April/6 April 1998 (UK); 1 January 1998 (Singapore).
AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF SINGAPORE AND THE GOVERNMENT OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL
THE ISRAELI TAX SYSTEM. Iris Stark, CPA
THE ISRAELI TAX SYSTEM Iris Stark, CPA October 2012 THE ISRAELI TAX SYSTEM Taxation in Israel is based on an individual method. Accordingly, as of 2003, all Israeli residents are liable for payment of
Tax Card 2013 With effect from 1 January 2013 Lithuania. KPMG Baltics, UAB
Tax Card 2013 With effect from 1 January 2013 Lithuania KPMG Baltics, UAB CORPORATE INCOME TAX Taxable profit of Lithuanian and foreign corporate taxpayers is subject to a standard (flat) rate of 15%.
Paper F6 (UK) Taxation (United Kingdom) Tuesday 4 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Taxation (United Kingdom) Tuesday 4 December 2012 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted.
Thinking Beyond Borders
INTERNATIONAL EXECUTIVE SERVICES Thinking Beyond Borders Uganda kpmg.com Uganda Introduction An individual s liability to income tax in Uganda is determined according to the nature of income earned and
Taxation. 1. Individual Taxation in Malta
Taxation The combination of Malta s tax system and its extensive double tax treaty network (over 50) means that, with proper planning and structuring, investors can achieve considerable fiscal efficiency
COST OF DOING BUSINESS IN GHANA
NAME OF ORGANIZATION COST OF DOING BUSINESS IN GHANA REGISTRATION/INCORPORATION OF COMPANIES AND REGISTRATION OF INVESTMENTS TYPE OF SERVICE FEES (IN GHANA CEDIS) (GH ) REGISTRATION OF BUSINESS 1.Limited
KENYA REVENUE AUTHORITY
KENYA REVENUE AUTHORITY TAX COMPLIANCE FOR REAL ESTATE DEVELOPERS & RENTAL INCOME EARNERS 1 Scope of Presentation Introduction Types of Income Chargeable to Tax Return filing and Payment Tax Relief Tax
33 BUSINESS ACCOUNTING STANDARD FINANCIAL STATEMENTS OF FINANCIAL BROKERAGE FIRMS AND MANAGEMENT COMPANIES I. GENERAL PROVISIONS
APPROVED by Order No. VAS-6 of 12 May 2006 of the Director of the Public Establishment the Institute of Accounting of the Republic of Lithuania 33 BUSINESS ACCOUNTING STANDARD FINANCIAL STATEMENTS OF FINANCIAL
FOR. Available on the Internet at http://www.lexmundi.org D E D I C A T I O N
FOR TRINIDAD AND TOBAGO Available on the Internet at http://www.lexmundi.org D E D I C A T I O N This guide is dedicated to the memory of Michael Hamel-Smith (1885-1933) founder of the firm of M. HAMEL-SMITH
Paper F6 (UK) Taxation (United Kingdom) Tuesday 2 June 2015. Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Taxation (United Kingdom) Tuesday 2 June 2015 Time allowed Reading and planning: 15 minutes Writing: 3 hours This paper is divided into two sections: Section A ALL 15 questions
Lecturer: Tal Yaron-Eldar,Adv. Income Tax and Real Property Tax Commissioner starting: 1/1/2003
Lecturer: Tal Yaron-Eldar,Adv. Income Tax and Real Property Tax Commissioner starting: 1/1/2003 Please notice, The following presentation is a general overview of the reform in Israel. This synopsis does
TAXATION OF INCOME FROM SALARY TAX YEAR 2012. (1 st July 11-30 th June 12)
. (1 st July 11-30 th June 12) The Computation of Tax of a Salaried Person has been defined under section 12, 13 and 14 of the Income Tax Ordinance, 2001 read with rules 2 to 7 of the Income Tax Rules,
Section A 73,000 37,200 + 41,700 = 77,500 2 A 890,000 260,000 120,000 276,000 = 234,000. 9 (6 + 3) x 110 = 990
Answers Fundamentals Level Skills Module, Paper F6 (UK) Taxation (United Kingdom) September/December 05 Answers and Marking Scheme Section A B 73,000 37,00 + 4,700 = 77,500 A 3 D 890,000 60,000 0,000 76,000
Individual Income Tax Return Year ended 31 March 2015
Commissioner Domestic Taxes P.O. Box 1085 Maseru 100 Tel. +266 2231 3796 Fax +266 2231 2091 Individual Income Tax Return Year ended 31 March 2015 Liability to make a return If you are resident in Lesotho,
GUIDE FOR INDIVIDUALS OR EMPLOYEES COMING TO WORK IN IRELAND
GUIDE FOR INDIVIDUALS OR EMPLOYEES COMING TO WORK IN IRELAND OSK East point plaza East point Dublin 3 Ireland www.osk.ie Contents 1. Residency rules explained 3 2. How do residence, ordinary residence
FOREWORD. Cape Verde. Services provided by member firms include:
2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are
PENNSYLVANIA PERSONAL INCOME TAX GUIDE CANCELLATION OF DEBT FOR PENNSYLVANIA PERSONAL INCOME TAX PURPOSES
CHAPTER 24: CANCELLATION OF DEBT FOR PENNSYLVANIA PERSONAL INCOME TAX PURPOSES TABLE OF CONTENTS I. OVERVIEW OF CANCELLATION OF DEBT FOR PENNSYLVANIA PERSONAL INCOME TAX PURPOSES... 7 A. In General...
Comparing REITs. kpmg.ca
Comparing REITs US vs. Canada January 2013 kpmg.ca Table of Contents REITs US & Canada Tax at Shareholders Level el US & Canada Corporate domestic shareholders Individual domestic shareholders Foreign
Finance (No. 2) 1 FINANCE BILL (NO. 2) 2014
Finance (No. 2) 1 FINANCE BILL (NO. 2) 2014 ARRANGEMENT OF CLAUSES Cha p t e r I PRELIMINARY Clause 1. Short title 2. Amendment of Acts Cha p t e r Ii amendments to the income tax act 1967 3. Commencement
10. The Ascertainment of Taxable Income
123 10. The Ascertainment of Taxable Income 10.1 Taxable Income The taxable Income of a person is his assessable income after deducting qualifying payments and specified tax free allowance. (a) Tax free